Author Archives:
Josh Crisp

Georgia’s annual conformity bill, HB 1199, was signed into law on March 20, 2026, during the 2025 filing season. The bill updates how the state of Georgia will treat recent federal tax law changes, including provisions in the One Big Beautiful Bill Act (OBBBA). Georgia adopted some of those changes, but not all. As a result, some 2025 Georgia returns may differ from the federal return. Taxpayers who have already filed this year may need to revisit those returns, while others will need to apply the new rules as they complete tax filings and plan for the year ahead.

On February 20, 2026, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) cannot be used to impose tariffs. The Court of International Trade subsequently ordered Customs and Border Protection (CBP) to issue refunds of those tariffs with interest, and CBP is now building a system to process claims. Businesses that were the importer of record may be eligible to recover those amounts, but businesses that purchased goods from a domestic supplier or distributor are generally not eligible. CBP has said the process involves more than $166 billion in duties collected from at least 330,000 importers.

Atlanta area construction companies face a steady stream of financial demands. Cash flow, reporting, compliance, and decision-making all depend on accurate, timely accounting information. In construction, that work often involves more moving parts than general business accounting, including job costing, billing schedules, and changing project conditions. At the same time, many companies are finding it harder to build out a full in-house accounting function. As hiring remains competitive, outsourced accounting has become one way to fill the gaps.

On February 20, 2026, the Supreme Court ruled that the federal government could not use the International Emergency Economic Powers Act (IEEPA) to impose tariffs. The 6-3 decision invalidates the tariffs that took effect in early 2025 under that law. The decision applies only to tariffs created under IEEPA. It does not change tariffs enacted under other statutes, including those on many building materials. Construction companies still face those costs.

Georgia’s 2026 legislative session began on January 12 and runs for 40 legislative days. Lawmakers are deciding how to use about $14 billion in reserves and surplus funds. Proposals on the table include another round of taxpayer rebates, income tax cuts, new limits on property tax increases, and changes to sales tax exemptions for data centers. The outcome will affect what residents and businesses pay in taxes and what resources the state has to fund services. To help clients, prospects, and others, Wilson Lewis has summarized the key details below.

The IRS has released Notice 2026-11, clarifying how 100% bonus depreciation works under the One Big Beautiful Bill Act (OBBBA). The interim guidance outlines the timing rules, available elections, and the types of property that qualify now that the full deduction is back in place. These issues are particularly important for any business investing in equipment, upgrading facilities, or managing multi-year projects. This guidance will ensure businesses can take full advantage of this compelling tax savings tool.

The IRS and Treasury have issued the first round of guidance on Trump Accounts in Notice 2025-68. This offers the earliest look at how the new accounts will function when they launch in 2026. Created under the One Big Beautiful Bill Act (OBBBA), Trump Accounts are designed as long-term retirement savings vehicles for children. The program includes a highly anticipated $1,000 federal contribution for eligible children born between 2025 and 2028, provided a parent or guardian elects to open an account. The new guidance explains how those elections will be made, how contributions will be tracked, and what investment options will be allowed during a child’s early years.

As 2025 winds down, many businesses are taking time to review year-end tax strategies. Recent changes from the One Big Beautiful Bill Act (OBBBA) restored several tax breaks and adjusted rules that will apply for the first time in the upcoming filing season. Companies should look closely at these updates to determine if they qualify to take advantage of these tax saving opportunities. For many there will be an opportunity to reduce taxes before year end.

The GENIUS Act, signed into law in July 2025, is the first federal law to regulate the payment of stablecoins. A payment stablecoin is a digital asset designed to keep a steady value, usually tied to the U.S. dollar and backed by cash or short-term Treasury securities. These assets are already widely used in payments, cross-border transfers, and cryptocurrency markets. The law defines who is allowed to issue stable coins, sets rules for reserves and reporting, and places oversight with federal and state regulators.

The One Big Beautiful Bill Act (OBBBA), signed into law earlier this year, contains provisions that will directly affect construction companies. It offers new ways to lower taxable income, improve cash flow, and invest in equipment and property. Some benefits are already in place, and others take effect in later years. A number of popular energy-related incentives have short deadlines, which means companies will need to act quickly to take advantage of them.